New Federal Securities Cases
A class action lawsuit has been filed in the United States District Court for the Central District of California against AmTrust Financial Services, Inc. (NASDAQ:AFSI)("AmTrust" or the "Company") on behalf of all persons or entities who purchased or otherwise acquired AmTrust securities during the period from May 10, 2016 through February 24, 2017 (the "Class Period"). The lawsuit seeks to recover damages for AmTrust investors under the federal securities laws.
According to the lawsuit, throughout the Class Period defendants failed to disclose that: (1) AmTrust had ineffective assessment of the risks associated with the financial reporting; (2) AmTrust had an insufficient complement of corporate accounting and corporate financial reporting resources within the organization; and (3) in turn, AmTrust lacked effective controls over financial reporting.
On February 27, 2017, AmTrust issued a press release revealing that it had identified material weaknesses in its internal control over financial reporting that existed as of December 31, 2016. On this news, shares of AmTrust fell from $27.66 to $22.34 per share, damaging investors.
If you acquired AmTrust securities during the Class Period, you may, no later than no later than May 1, 2017, request that the court appoint you lead plaintiff of the proposed class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you are a current or former AmTrust shareholder and wish to obtain additional information, please fill out the contact form at the link below.
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